Confusion on Extended Graduated Repayment Plans
Since the SAVE act is no longer, I have to pick a new plan. I was trying to figure out the best plan for me and my situation. My goal is to have a lower monthly payment (yes, I know more interest and principal payments) but then throw extra money at the loans one by one when I can. Starting with the 6% interest loans and moving down to the 3% ones last.
When I was on studentaid.gov, I was comparing plans. One plan that seemed good to me was the Graduated Extended Repayment. The tool on the government website said the payments would start higher and go lower every two years. I thought these plans were the opposite, payments start low and go higher every year.
I screenshotted the tool options and chatted with someone with the government. She said yes, that is correct, but then told me to talk to my loan servicer NelNet to check. The application for this plan from the government literally says the payments start lower and increase every two years. What the hell is going on? I'm so confused.